Mistakes made early in life can be difficult to amend.
When Chris Maurice, the current CEO of Yellow Card cryptocurrency exchange based in Africa was a boy, he said he invested all his savings in Bitcoin but he cannot explain how he lost them. He narrated:
“Bitcoin was about $200 at the time, and I decided basically I was just going to dump my entire savings account into into it.” According to him, he had saved about $5,000 as a college student and was able to buy 21 BTC.
Maurice thinks the mistake he made was about where he saved the coins.
“I was holding it all on LocalBitcoins, because that was the wallet that I used at the time and I didn’t really know any better.”
He regretted not asking questions thoroughly before deciding on where to keep them.
Many experts discourage saving a lot of crypto on online wallets and exchanges that offer custodial services because of security challenges that could make the owner lose the wallet and all the saved money. On such wallets, having a 2FA is important but Maurice doesn’t remember anytime he set up a two-factor authentication.
Maurice said someone accessed his account and made away with everything except 0.8 BTC. According to him, “That 0.8 Bitcoin I held on to until it started spiking and then sold it 16 days before it spiked up from like $1,700 to like $6,000 or whatever.” This led him talk briefly about 2017 when Bitcoin’s price soared from $1,000 to about $20,000. He regretted that he lost on both sides.
Apart from saving Bitcoins, Maurice and his friend, Justin Poiroux sold Bitcoins on eBay five years ago and this helped in making Bitcoin gain its wide adoption.